PERTH (miningweekly.com) – Nickel miner Panoramic Resources has completed the sale of its Thunder Bay North project, in Canada, to Clean Air Metals, which was formerly known as Regency Gold Corp.
Panoramic in January inked a share purchase agreement for its subsidiary Magma Metals selling the asset for C$9-million in cash.
A deposit of C$250 000 was received on execution of the agreement and a further C$4.25-million on the closing, with the remaining C$2.25-million held in a trust by Panoramic’s Canadian lawyers pending the receipt of a clearance certificate as required under the Income Tax Act.
Panoramic on Friday said that the deferred consideration was due in three equal installments on the first, second and third anniversaries of the completion of the sale.